Gaddy v. Phelps County Bank

PER CURIAM.1

A majority of Phelps County Bank shareholders approved an amendment of the Bank’s articles of agreement. Under the amended articles, a reverse stock split was authorized. As required by section 362.325,2 the Missouri director of finance approved the amended articles and the reverse stock split. Various shareholders filed this action seeking relief primarily on the basis that the reverse stock split violated article I, section 28, of the Missouri Constitution. Respondents, Phelps County Bank and Phelps County Bancshares, as well as the Appellant shareholders, moved for summary…